UNITED STATES October 26 2015 5:45 PM
NEW YORK (Scrap Register): United States HRC steel prices edged up during the week ended October 09, while major US aluminum scrap commodities prices on Scrap Register Price Index stayed almost stable.
According to TSI, US Midwest HR coil price finished the week at $431 a short ton FOB Mill as high steel inventories at service centers continues to be drag on pricing.
In supply-side news, the United Steelworkers Union (USW) threatened to strike at auto manufacturing plants, creating considerable panic due to the risk of losing a strong end-user market, but a strike was averted.
The other big supply news this week came from US Steel as they announced a potential idling of their Granite City Works Mill.
This, in conjunction with the termination announcement from Cliffs Natural Resources of their contract supplying pellet to Essar Algoma will serve to tighten supply in the North American market at a time when spot prices are at their lowest since 2009.
However, the scrap prices of 356 Auto Wheels, 5052 Alum Clip, 6061 Alum Extrusion, 6063 10-10 Extrusion, Al/Cu Rad with Iron, Al/Cu Radiator, Alum Breakage 50%, Alum Litho Sheets, Alum Old Sheet traded almost flat during last week.